Medical Writing Industry Overview
The global medical writing market size was valued at USD 3.5 billion in 2021 and is expected to expand at a CAGR of 10.41% from 2022 to 2030. The high demand for medical writers can be attributed to a rise in CRO outsourcing, increased R&D investments by market players, a favorable environment for clinical study in developing countries, and new medical device regulations.
According to a study conducted in 2018, around 80% of internet users in the U.S. searched online for health-related information. In addition, nearly 60% of social media users rely on health information posted on social media platforms. Doctors can expand their reach for better patient care by engaging with patients on these platforms. Hence, the demand for online medical writing is increasing. However, the information posted on such forums should be by medical writing guidelines.
Gather more insights about the market drivers, restraints, and growth of the Global Medical Writing market
In recent years, pharmaceutical companies have adapted their advertising strategies to improve patient outreach. In addition, the growing influence of social media on customers’ decisions has compelled pharmaceutical and biotechnology companies to reconsider their marketing strategies. Hence, the robust growth of health and wellness-related blogs is expected to boost the demand for scientific writing.
Regulatory authorities want a thorough methodology for all phases of product development, which complicates the approval process boosting the market growth in the coming years. Additionally, insurance companies want drug information in order to establish reimbursement policies. As a result, pharmaceutical companies are finding it difficult to adhere to industry standards.
The pharmaceutical industry spends thrice the amount spent on R&D in other high-tech industries such as computer & software services. As per the Congressional Budget Office (CBO) report, R&D spending on pharmaceuticals reached USD 83 billion in the U.S. in 2019. Around 30 top pharmaceutical companies have collaborations with at least one CRO to maintain their product portfolios.
R&D activities provide market players with a competitive edge in the market. There were a total of 62,092 recruiting studies as of March 24, 2021, according to data given by ClinicalTrails.gov. Top pharmaceutical, medical devices, and biotechnology companies spend a significant share of their revenues on R&D activities to maintain their position in the market by introducing innovative products.
There is a new trend in the market of multiple strategic relationships, wherein each CRO provides a single function and multiple service providers are maintained. Clinical trials are increasing in number as a result of increased R&D investments. However, the number of clinical writers is not increasing at the same rate, resulting in the shortage of skilled writers in the field of medicine, which is expected to increase the scope for new writers in the field of medicine.
Browse through Grand View Research's Medical Devices Industry Research Reports.
Healthcare Contract Research Organization Market - The global healthcare contract research organization market size was valued at USD 42.3 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 6.5% from 2022 to 2030.
Medical Device Contract Research Organization Market - The global medical device contract research organization market size was valued at USD 7.21 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 8.8% from 2023 to 2030.
Medical Writing Market Segmentation
Grand View Research has segmented the medical writing market based on type, application, end-use, and region:
Medical Writing Type Outlook (Revenue, USD Million, 2016 - 2030)
- Clinical Writing
- Regulatory Writing
- Scientific Writing
- Others
Medical Writing Application Outlook (Revenue, USD Million, 2016 - 2030)
- Medical Journalism
- Medical Education
- Medico Marketing
- Others
Medical Writing End-Use Outlook (Revenue, USD Million, 2016 - 2030)
- Medical Device/Pharmaceutical & Biotechnology Companies
- Contract Research Organizations & Others
Medical Writing Regional Outlook (Revenue, USD Million, 2016 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Market Share Insights
June 2019: Quanticate expanded its global reach in North America by opening a new office in Toronto. The company would provide medical writing as one of the services from its Toronto office.
June 2018: LabCorp acquired Sciformix Corporation, a scientific process outsourcing company. This acquisition strengthens the regulatory and pharmacovigilance solutions portfolio of Covance, Inc.
Key Companies profiled:
Some of the prominent players in the medical writing market include:
- Parexel International Corporation
- Trilogy Writing & Consulting GmBH
- Freyr
- Cactus Communications
- Labcorp Drug Development
- IQVIA Holdings Inc.
- Omics International
- Synchrogenix
- Siro Clinpharm Private Limited
- Quanticate
- Inclin, Inc.
Order a free sample PDF of the Medical Writing Market Intelligence Study, published by Grand View Research.
No comments:
Post a Comment